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At 3Q, we preach true partnership with our clients, and this means helping them navigate tough situations effectively. Our Growth Sciences team is digging deep into data and analysis across verticals to help clients identify opportunities to maintain or grow performance in the COVID-19 age. In today’s post, co-written by Sr. SEM Strategist Shawn Grenald and Sr. Social Strategist Jessica Guedes, we pull a few key takeaways out of our April eCommerce report, which you can download in full here.
Lower costs may provide opportunity.
Our data showed late-March CPMs on Facebook and Instagram down 40-45% year over year; eCommerce CPCs on the same platforms have declined nearly 70% year over year. Brands that have budget to spend can be aggressive in engaging with new users; even if people aren’t in purchase mode now, they can be added to a retargeting pool to be re-engaged when online shopping behaviors change.
Holidays may still produce upticks in engagement.
eCommerce advertisers invested heavily around Valentine’s Day as the COVID-19 pandemic began to take shape. Though the landscape is very different now, it’s not too soon for promotional planning around Memorial Day and Independence Day. Retailers should consider pivoting messaging to fit the times, e.g. camp out in your backyard, have a family party on your patio, or celebrate summer responsibly.